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A senior executive is to leave Tullett Prebon, just weeks after it was revealed the interdealer broker's founder and chief executive Terry Smith is set to step down.

Paul Humphrey, chief executive officer of electronic broking at the UK-based interdealer broker, has resigned with plans to leave the company within a month, according to two people familiar with the situation.

Humphrey, who has been with Tullett Prebon since 2007, has not signed on to join another firm, the people said.

Humphrey joined the broker in 2007 and was tasked with building its electronic business.

The firm had been criticised for its late arrival to the electronic markets, lagging rivals such as Icap. However, over the past seven years, the firm's revenues from electronic platforms and information sales has gone from zero to 24% of Tullett’s group revenue – or £192 million in 2013. Revenue from purely electronic business was 10% of group revenue in 2012 and 2013.

Last year, Humphrey hired Mike O’Donnell to be group chief information officer. Since then, Humphrey’s role in managing parts of the US business has been winding down, one person said.

It is unclear whether Tullett Prebon will replace Humphrey, previously head of e-commerce for ABN Amro.

The broking firm confirmed in a June regulatory statement that a succession plan for Smith was underway and "well advanced”. It has been reported that Smith wants to focus on Fundsmith, the asset management firm he founded in 2010.